Just In: How Can ICT Grow And Sustain Nigeria Collapsed Economy (Must Read) - eritvnews

Just In: How Can ICT Grow And Sustain Nigeria Collapsed Economy (Must Read)



The Minister of Communications, Mr Adebayo
Shittu, says Information and Communication
Technology (ICT) could grow and sustain the
Nigerian economy.
He spoke in Ibadan at the Eminent Person
Business Lecture organised by University of
Ibadan School of Business (UISB).


Newsmen report that Shittu delivered a lecture
entitled: “Maximising the Potentials of the
Telecommunications Industry for Reversing
Recession and the Economic Growth of Nigeria.’’
The minister said that the diversification of the
Nigerian economy would not be enough to take
the country out of recession except the process
was done by leveraging on ICT in an effective
and efficient manner

“The country is presently in a recession, but it is
not because we are in it that we are concerned.
“We are concerned because each time there is a
sharp drop in prices, we enter into a recession
and we want to make sure that this cycle does
not continue.


“And the only way we can do so is to diversify
the economy by leveraging on ICT and moving
the economy from being resource-based which it
has been since independence,” he said.
Shittu stated that the role of ICT and
telecommunications was very significant and
critical in any society, particularly in Nigeria,
which was striving to be a new nation by
leveraging on ICT.


ICT compliant schools
He said that the telecom sector alone contributed
over 60 million dollars to the nation’s economy
in the last 17 years of its existence.
“Given its immense contribution to economic
growth, we are working assiduously with the
National Assembly to declare all telecom
infrastructure across Nigeria ‘s critical National
Assets,’’ he said.
The minister said that the there was compelling
need for policy intervention in the form of a
digital service strategy.

Shittu also said that the high cost of governance
in comparison with digital service delivery, low
level transparency, accountability and
considerable resource leakages must not
continue.
“The policy concept rests on a vision which
envisaged the development of a sound digital
infrastructure.

“This is pivotal to effective, efficient, transparent
and accountable service delivery for improved
quality of the social and economic life for the
citizenry,” he said.

He said that the industry currently provides more
employment than the oil and gas sector, adding
that the industry contributed about 10 percent to
the country’s Gross Domestic Product.

“ The time has come to fully embrace ICT to
enhance transparency and good governance if we
really are to fulfil the ‘change’ mandate Nigerians
voted President Muhammadu Buhari to bring
about.

“It is arguably one of the fastest growing sectors
of the Nigerian economy and is the second
largest ICT market in Africa.
“Industry analysts have extrapolated that ICT tools
and devices, software solution, IT outsourcing
and e-commerce sectors alone could employ
over 40 million Nigerians and contribute billions
of dollars to our economy,’’ he added.
Shittu said that the mission was to deploy ICT
in all the sectors in a very effective and efficient
manner so as to diversify the economy in a
sustainable manner.
He said that it was important to maximise the
potentials and remained competitive for the
economy to be strong to withstand shocks.
“Otherwise, after sometime, we will relapse to
what the situation used to be and the problems
would start again,” he said.
Dr Umar Mustapha, the Pro-Chancellor and
Chairman of Council, University of Ibadan, said
that there was still hope for the nation,
considering the contribution of ICT to GDP and
the millions of job it created.
Mustapha commended the Federal Government
on the proposed construction of eight ICT hubs
across the nation.
Prof. Idowu Olayinka, the Vice-Chancellor of the
University of Ibadan, stated that UISB was
established with a vision to make it the most
preferred fountain of knowledge in business
education, research and management.
Olayinka said that the establishment was not only
for regional development but for the productive
integration of the African continent into the global
economy.
The Oluwo of Iwo, Oba Abdur-Rasheed Akanbi,
called on government to embrace outsourcing
and industrialisation of the country to ensure the
transfer of technology.
The monarch enjoined government to engage
more in land leasing rather than outright sale of
land in the country.

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